Unless required by law, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Please take note that all numbers expressed in this conference call are in renminbi and all comparisons refer to year-on-year comparisons unless otherwise stated. I would now like to turn the call over to Noah’s Chairman and CEO, Mr. Dong Xu. Mr. Xu, please go ahead.

Dong Xu

[Foreign Language]

Thank you for joining us today on our fourth quarter and full fiscal year 2012 earnings conference call. I hope you’ve all had a chance to read our earnings press release.

[Foreign Language]

Our fourth quarter is traditionally one of our strongest quarters and I am very pleased to report that we delivered a year-over-year revenue growth of 58% exceeding the top end of our guidance by 20%.

[Foreign Language]

The robust topline growth was driven by our kindergarten operation, the largest contributor of all of our businesses with a year-over-year growth of 133% fueled by organic and acquisitive growth from Yuanbo Education.

[Foreign Language]

Excluding the impact from one-time impairment loss on goodwill and intangible assets, our operations also returned to profitability and recorded an operating income of over 6 million and achieved breakeven for the fiscal year.

[Foreign Language]

While Dora will try to walk you through our financial performance, I am excited to announce that we have expanded our kindergarten network through the acquisitions of DDK Consulting and Xiaoxiao Education. These acquisitions are in line with our kindergarten strategy which is vital entry point of our life long education model and accurately demonstrates our ability to execute to achieve a sustainable performance through organic and acquisitive growth. Kindergarten is the core of our three focus areas and will continue to be a key growth driver down the line.

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